Despite recent lackluster price action, Litecoin saw a massive spike in on-chain activity, potentially signaling an impending breakout. According to @ali_charts, Litecoin registered 1 million transactions on November 14, setting a new all-time high.
@N_aveed_Ahmad also highlights the milestone, noting Litecoin’s daily transactions are nearly twice that of Bitcoin’s. The surge in network usage demonstrates strong underlying fundamentals for LTC despite its struggling price.
Consolidating Price Action
In terms of price, Litecoin has seen bearish momentum the past few days after failing to break resistance around $76. LTC has been rangebound between $70-75 as it consolidates.
The spike in on-chain transactions could provide the catalyst for Litecoin to break out of its slump. Growing utility and usage of the network lays the foundation for a renewed price uptrend.
There is also historical precedence for this on-chain behavior preceding a bullish breakout. A steady rise in daily transactions shows on-chain strength, which can lead to price breakout.
Litecoin’s increase in daily transactions is a potential on-chain leading indicator that hints LTC may be on the cusp of a fresh parabolic price move.
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In summary, the record-high transactions demonstrate Litecoin’s strengthening network fundamentals amidst a period of price weakness. If history repeats, this transaction spike could foreshadow a significant upside ahead for LTC in the coming months.
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